You just found the flat or the house of your dreams,…
… the vendor accepted your purchase offer and all you have to do now is sign the “compromis de vente”. But what is it exactly?
The “compromis de vente” is a preliminary sales contract and embodies a double promise: yours to the seller to buy his/her property and that of the seller to sell his/her property to you under the “compromis”-listed conditions.
When the signature of the “compromis de vente” takes place at the latest, the seller must provide the buyer with the complete technical record of the property (“dossier de diagnostics techniques” or DDT). This DDT will be appended to the sales agreement itself, of which it is fully part.
Generally, at the moment of the signature of the “compromis de vente”, the buyer is to pay a sum called “dépôt de garantie” and corresponding to 5% to 10% of the property’s price. This sum will be deducted from the total amount paid for the property at the moment of the signature of the final deed at the notary’s.
After the preliminary contract is signed, the seller(s) cannot draw back. On the contrary, the buyer(s) who signed a “compromis de vente” is/are entitled to a withdrawal period of 7 days. This period begins the day after the reception of the registered letter notifying the signature of the preliminary contract or the day after this contract was handed over to them.
If the last day of the withdrawal period falls on a weekend or a public holiday, the withdrawal period runs until the next business day.
In case of a withdrawal, the buyer(s) must notify it to the seller via a registered letter before the end of the withdrawal period. Past the withdrawal period of 7 days, the buyer cannot draw back and has to buy the property it mentions.
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